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芝商所（CME）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
芝商所的季度营收约是Sunrun Inc.的1.6倍（$1.9B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 0.1%，领先8.9%），Sunrun Inc.同比增速更快（123.5% vs 14.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 10.8%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
CME vs RUN — 直观对比
营收规模更大
CME
是对方的1.6倍
$1.2B
营收增速更快
RUN
高出109.0%
14.5%
净利率更高
RUN
高出8.9%
0.1%
两年增速更快
RUN
近两年复合增速
10.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $1.2M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 8.4% |
| 净利率 | 0.1% | 8.9% |
| 营收同比 | 14.5% | 123.5% |
| 净利润同比 | 20.7% | 103.7% |
| 每股收益（稀释后） | — | $0.38 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CMERUN
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.5B | $724.6M | ||
| Q2 25 | $1.7B | $569.3M | ||
| Q1 25 | $1.6B | $504.3M | ||
| Q4 24 | $1.5B | $518.5M | ||
| Q3 24 | $1.6B | $537.2M | ||
| Q2 24 | $1.5B | $523.9M |
净利润CMERUN
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $103.6M | ||
| Q3 25 | $908.0M | $16.6M | ||
| Q2 25 | $1.0B | $279.8M | ||
| Q1 25 | $956.2M | $50.0M | ||
| Q4 24 | $874.6M | $-2.8B | ||
| Q3 24 | $912.8M | $-83.8M | ||
| Q2 24 | $883.2M | $139.1M |
营业利润率CMERUN
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 8.4% | ||
| Q3 25 | 63.3% | 0.5% | ||
| Q2 25 | 66.7% | -19.7% | ||
| Q1 25 | 67.5% | -22.8% | ||
| Q4 24 | 62.1% | -628.0% | ||
| Q3 24 | 64.6% | -23.8% | ||
| Q2 24 | 65.3% | -24.4% |
净利率CMERUN
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 8.9% | ||
| Q3 25 | 59.1% | 2.3% | ||
| Q2 25 | 60.6% | 49.1% | ||
| Q1 25 | 58.2% | 9.9% | ||
| Q4 24 | 57.3% | -542.7% | ||
| Q3 24 | 57.6% | -15.6% | ||
| Q2 24 | 57.6% | 26.5% |
每股收益（稀释后）CMERUN
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $0.38 | ||
| Q3 25 | $2.49 | $0.06 | ||
| Q2 25 | $2.81 | $1.07 | ||
| Q1 25 | $2.62 | $0.20 | ||
| Q4 24 | $2.40 | $-12.59 | ||
| Q3 24 | $2.50 | $-0.37 | ||
| Q2 24 | $2.42 | $0.55 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.4B | — |
| 总债务越低越好 | $3.4B | $14.7B |
| 股东权益账面价值 | — | $3.1B |
| 总资产 | $202.0B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CMERUN
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $1.9B | — |
总债务CMERUN
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B |
股东权益CMERUN
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $3.1B | ||
| Q3 25 | $28.2B | $3.0B | ||
| Q2 25 | $27.7B | $2.9B | ||
| Q1 25 | $27.0B | $2.6B | ||
| Q4 24 | $26.5B | $2.6B | ||
| Q3 24 | $28.2B | $5.3B | ||
| Q2 24 | $27.6B | $5.4B |
总资产CMERUN
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $22.6B | ||
| Q3 25 | $187.1B | $22.2B | ||
| Q2 25 | $179.9B | $21.2B | ||
| Q1 25 | $157.8B | $20.4B | ||
| Q4 24 | $137.4B | $19.9B | ||
| Q3 24 | $137.8B | $22.1B | ||
| Q2 24 | $123.4B | $21.4B |
负债/权益比CMERUN
| Q1 26 | — | — | ||
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 0.94× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CMERUN
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $96.9M | ||
| Q3 25 | $968.1M | $-121.5M | ||
| Q2 25 | $1.1B | $-292.7M | ||
| Q1 25 | $1.1B | $-104.2M | ||
| Q4 24 | $1.0B | $-258.4M | ||
| Q3 24 | $1.0B | $-156.2M | ||
| Q2 24 | $776.9M | $-208.5M |
自由现金流CMERUN
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $949.7M | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $991.7M | — | ||
| Q3 24 | $973.2M | $-156.4M | ||
| Q2 24 | $758.7M | — |
自由现金流率CMERUN
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | — | ||
| Q3 25 | 61.8% | — | ||
| Q2 25 | 61.5% | — | ||
| Q1 25 | 67.1% | — | ||
| Q4 24 | 65.0% | — | ||
| Q3 24 | 61.4% | -29.1% | ||
| Q2 24 | 49.5% | — |
资本支出强度CMERUN
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | 0.0% | ||
| Q2 24 | 1.2% | — |
现金转化率CMERUN
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 0.94× | ||
| Q3 25 | 1.07× | -7.33× | ||
| Q2 25 | 1.03× | -1.05× | ||
| Q1 25 | 1.17× | -2.08× | ||
| Q4 24 | 1.16× | — | ||
| Q3 24 | 1.10× | — | ||
| Q2 24 | 0.88× | -1.50× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CME
暂无分部数据
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
